Market drop in progress towards Trend level at $1.00/$0.97 region. After which an intermediate bounce is expected.
Just an educational post to show how a confluence of technical elements can give a good trade with much higher probability. Also, because there is no good risk reward to this, I'm posting this as an educational material.
- Market reacted below desceding trendline resistance
- RSI (21) reacted below 53% resistance level and has entered bearish territory below 50% level.
- RSI (21) 53% resistance level is also where price has reacted many times in the past, as seen by the yellow arrows.
- Buying area finds confluence with fibo retracement and strong supply and demand level.
Just an educational post to show how a confluence of technical elements can give a good trade with much higher probability. Also, because there is no good risk reward to this, I'm posting this as an educational material.
Note
As expected, price dropped towards the buying area as expected. I would wait for a bounce reaction in this zone and enter my LONG position.Note
Bullish divergence also noted now.Trade closed: target reached
Cleaning up my charts and trading ideas. This target was reached awhile back.
Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.